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Farm Business
Agricultural Matters
Doing your own accounts and tax returns?
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<blockquote data-quote="TheTallGuy" data-source="post: 4258398" data-attributes="member: 9121"><p>Basic accounting and VAT returns are simple, depending on the size of the business, even a basic leger book would suffice - although dedicated software can be easier. Where the services of a good accountant should pay off is in knowing the tricks to maximise what can be claimed in expenses and tax reliefs. </p><p></p><p>In terms of being inspected, the triggers for this (as I understand) are threefold - there is a random element, then there is the computer system picking up on unusual trading patterns. The third trigger comes as part of an investigation into another business - especially if there's problems, the inspector will sometimes pick a couple of customers and suppliers to look at to verify their legitimacy & obviously if anything catches the inspectors attention then it potentially will result in further attention.</p></blockquote><p></p>
[QUOTE="TheTallGuy, post: 4258398, member: 9121"] Basic accounting and VAT returns are simple, depending on the size of the business, even a basic leger book would suffice - although dedicated software can be easier. Where the services of a good accountant should pay off is in knowing the tricks to maximise what can be claimed in expenses and tax reliefs. In terms of being inspected, the triggers for this (as I understand) are threefold - there is a random element, then there is the computer system picking up on unusual trading patterns. The third trigger comes as part of an investigation into another business - especially if there's problems, the inspector will sometimes pick a couple of customers and suppliers to look at to verify their legitimacy & obviously if anything catches the inspectors attention then it potentially will result in further attention. [/QUOTE]
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Doing your own accounts and tax returns?
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